Zakat deduction notified on bank balance Rs39,198 and above


KARACHI: The government has announced Zakat will be deducted from bank account having balance Rs39,198 and above.
State Bank of Pakistan (SBP) on Monday informed all banks, development financial institutions and microfinance banks about the deduction of Zakat at source in respect of saving banks/profit and loss sharing and similar bank accounts and deposit thereof immediately after deduction date.
Ministry of Religious Affairs and Interfaith Harmony issued a circular saying that Administrator General Zakat has notified the Nisab of Zakat for the Zakat Year 1438-39 A H at Rs39,198.
No deduction of Zakat at source shall be made, in case the amount standing to the credit is less than Rs39,198 on the first day of Ramazan ul Mubarak 1439AH.
First day of Ramazan has already been notified as the deduction date likely fall on May 17th or 18th (subject to appearance of the moon) for deduction of Zakat from saving bank accounts.

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